21. A market demand curve can be derived by adding all the individual demand curves a. vertically. b. horizontally. c. in parallel. d. Any of the above as long as it is consistent. 22. Some goods are

21. A market demand curve can be derived by adding all the individual demand curves a. vertically. b. horizontally. c. in parallel. d. Any of the above as long as it is consistent. 22. Some goods are

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A market demand curve can be derived by adding all the individual demand curves a. vertically. horizontally. in parallel. Any of the above as long…

21. A market demand curve can be derived by adding all the individual demand curves a. vertically. b. horizontally. c. in parallel. d. Any of the above as long as it is consistent.

22. Some goods are not closely related to each other and are neither substitutes nor complements. For such goods, the cross-price elasticity of demand would be a. positive. b. negative. c. zero. d. Cannot tell without more information.

23. The phenomenon of the backward-bending market supply curve for labor a. reflects the policy of labor unions. b. reflects the scarcity of high-priced, highly skilled labor. c. results from workers’ preference for leisure over work. d. results from the effect of the decrease in the cost of leisure as wage rates rise. e. indicates an increasing desire for leisure as income rises.

24. If leisure is an inferior good, the individual’s supply curve for labor is a. backward bending. b. completely inelastic. c. upward sloping. d. perfectly elastic. e. not necessarily any of the above.

25. If the income effect resulting from a change in the price of leisure is zero, the individual’s supply curve of labor is a. backward bending. b. completely inelastic. c. upward sloping. d. perfectly elastic. e. not necessarily any of the above.

The following labor-leisure choice diagram applies to questions 26 and 27 below.

ECON 3070 Intermediate Microeconomic Theory: Practice Multiple-Choice Questions 11

26. If the individual receives $5 per hour and is in equilibrium at point E, his or her income at this equilibrium point must be a. $40. b. $55. c. $65. d. $80. a. indeterminate.

27. In moving from point E to point G, one would conclude that a. leisure is normal and the supply curve is upward sloping. b. leisure is inferior and the supply curve is backward bending. c. leisure is neither normal nor inferior and the supply curve is backward bending. d. leisure is inferior and the supply curve is completely inelastic. e. leisure is neither normal nor inferior and the supply curve is completely inelastic.

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